Bangladesh's exports hit a record $12.18 billion in the fiscal year that ended in June, boosted by demand for clothing and other textiles, but were below target, data from the Exports Promotion Bureau showed on Monday. Exports rose 15.69 percent from a year earlier, but were lower than the $12.50 billion target set for the year.
Export volumes increased by 16.36 percent, while prices fell 0.67 percent. "We missed the strategic target due to political violence," a bureau official said. Fazlul Hoque, president of Bangladesh Knitwear Manufacturers and Exporters Association, said worker unrest, widespread political violence between October and January and reduced orders from Europe owing to an unusually warm winter there, combined to reduce Bangladesh's export potential in the last fiscal year.
Earnings from woven garments grew 14.05 percent to $4.66 billion compared with the previous fiscal year, while knitwear exports increased 19.30 percent to $4.55 billion.
Bangladesh's exports have been led by garments, especially knitwear, since global export quotas were phased out at the end of 2004. "We are hopeful to sustain the growth in the next year as a congenial atmosphere now persists in the country.
There are no strikes and ports doing unhindered performances," Fazlul said. Bangladesh is being ruled by an army-backed interim government, which imposed a state of emergency, banned political and other protests including strikes and transport shutdowns. Among other items, exports of frozen food rose 12.24 percent from a year earlier. Leather exports rose 3.42 percent.